Wall Street brokerages expect EnLink Midstream LLC (NYSE:ENLC) to report $1.79 billion in sales for the current quarter, according to Zacks. Three analysts have issued estimates for EnLink Midstream’s earnings. The lowest sales estimate is $1.72 billion and the highest is $1.90 billion. EnLink Midstream posted sales of $2.11 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 15.2%. The business is expected to report its next earnings results on Tuesday, November 5th.
On average, analysts expect that EnLink Midstream will report full year sales of $7.06 billion for the current fiscal year, with estimates ranging from $6.78 billion to $7.33 billion. For the next year, analysts anticipate that the firm will post sales of $7.88 billion, with estimates ranging from $7.45 billion to $8.72 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow EnLink Midstream.
EnLink Midstream (NYSE:ENLC) last issued its quarterly earnings data on Tuesday, August 6th. The pipeline company reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.85 billion. EnLink Midstream had a negative return on equity of 0.16% and a negative net margin of 3.21%. EnLink Midstream’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.15 earnings per share.
ENLC has been the subject of a number of analyst reports. Stifel Nicolaus lowered EnLink Midstream from a “buy” rating to a “hold” rating and set a $13.00 price target for the company. in a research report on Monday, April 15th. ValuEngine upgraded EnLink Midstream from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Mizuho initiated coverage on EnLink Midstream in a research report on Thursday, July 25th. They set a “neutral” rating and a $11.50 price target for the company. Royal Bank of Canada reiterated a “buy” rating and set a $12.00 price target on shares of EnLink Midstream in a research report on Sunday. Finally, Barclays reiterated a “hold” rating and set a $12.00 price target on shares of EnLink Midstream in a research report on Thursday, July 18th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. EnLink Midstream presently has a consensus rating of “Hold” and an average target price of $13.45.
ENLC stock traded up $0.05 during trading on Thursday, reaching $7.40. 2,047,056 shares of the company’s stock were exchanged, compared to its average volume of 2,712,906. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.93. EnLink Midstream has a 1-year low of $7.20 and a 1-year high of $17.65. The company has a fifty day simple moving average of $9.65. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of -105.71, a PEG ratio of 6.51 and a beta of 2.00.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 13th. Stockholders of record on Monday, July 29th will be issued a dividend of $0.283 per share. This represents a $1.13 annualized dividend and a dividend yield of 15.30%. This is an increase from EnLink Midstream’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, July 26th. EnLink Midstream’s dividend payout ratio is currently -1,614.29%.
In related news, Chairman Barry E. Davis bought 136,700 shares of EnLink Midstream stock in a transaction dated Tuesday, August 13th. The stock was acquired at an average cost of $7.32 per share, with a total value of $1,000,644.00. Following the completion of the acquisition, the chairman now directly owns 1,892,372 shares in the company, valued at approximately $13,852,163.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.45% of the company’s stock.
A number of large investors have recently bought and sold shares of ENLC. United Capital Financial Advisers LLC acquired a new stake in shares of EnLink Midstream in the second quarter valued at about $126,000. Commonwealth Bank of Australia increased its position in shares of EnLink Midstream by 68.3% in the second quarter. Commonwealth Bank of Australia now owns 13,800 shares of the pipeline company’s stock valued at $139,000 after acquiring an additional 5,600 shares during the last quarter. Cadence Capital Management LLC increased its position in shares of EnLink Midstream by 21.5% in the second quarter. Cadence Capital Management LLC now owns 918,831 shares of the pipeline company’s stock valued at $9,271,000 after acquiring an additional 162,373 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of EnLink Midstream by 935.1% in the second quarter. Bank of New York Mellon Corp now owns 2,615,498 shares of the pipeline company’s stock valued at $26,391,000 after acquiring an additional 2,362,809 shares during the last quarter. Finally, M&T Bank Corp acquired a new stake in shares of EnLink Midstream in the second quarter valued at about $103,000. 48.92% of the stock is currently owned by hedge funds and other institutional investors.
EnLink Midstream Company Profile
EnLink Midstream, LLC focuses on providing midstream energy services in the United States. It operates through Texas, Oklahoma, Louisiana, and Crude and Condensate segments. The company is involved in gathering, compressing, treating, processing, transporting, storing, and selling natural gas; fractionating, transporting, storing, and selling natural gas liquids; and gathering, transporting, stabilizing, storing, trans-loading, and selling crude oil and condensate, as well as providing brine disposal services.
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